Member Info for stephen11

We’re in much better shape now than at the disastrous though thankfully failed attempt at a fundraise at 0.2p anyway BigAl.

Brighter days ahead 😊.

Thanks bigAL67 - so £6m around the later part of February will give us 17 months funding - great stuff.

I remember either hearing the recent rate of cash burn or reading it in one of the reports.

I think its in the realm of 350,000 or 375,000 per month?

I'm just trying to figure out how far the £6m will get us - hopefully EDIDTA positive.

Can anyone recall the latest figure for cashburn?

Thanks.

It’s wonderful what a bit of confidence and market certainty can do 😊

Top 5 Positives – GDR Equity Support RNS

1/ Cornerstone backing de-risks the fundraise. Two major shareholders (David Nugent and Robert English) have pre-committed £3m (50% of the raise), materially reducing execution risk and signalling strong insider conviction at current prices.

2/ Pricing discipline – no desperation. The explicit statement that the raise would be “at or around the current share price (including higher)” removes the fear of a deeply discounted, dilutive raise — a key AIM sentiment driver.

3/ Loan converts to equity (non-predatory capital). Nugent converting the £500k loan into equity aligns interests, removes near-term balance-sheet risk, and confirms the loan was bridge capital, not leverage.

4/ Clear use of funds tied to value-creating milestones. Proceeds are earmarked for FDA 510(k) submission (mid-2026), manufacturing scale-up, and international expansion, all of which are tangible re-rating catalysts rather than “keeping the lights on”.

5/ Board and management alignment. Directors committing £100k+ of their own capital reinforces credibility and reduces the perception of asymmetric risk between insiders and shareholders.

Not to mention £6m is around 15 months funding, assuming monthly cash burn stays around £350,000-£400,000 as indicted in previous company communications.

GLA.

Stephen11.

Yes, the Conrad one from the 1st Dec Africanskies - the interim results RNS from EME on 11th Dec also helps place everything in context. All the indicators suggest that news is imminent.

I'm optimistic Mitriti,

I found the full presentation. My interpretation is:

- Conrad’s presentation reinforces that the Nations farm-in is central to funding and developing Mako, but it explicitly assumes Empyrean’s 8.5% interest is resolved before completion, confirming EME is a gating issue.

- The absence of any operational contingency for EME suggests negotiations are ongoing behind the scenes rather than escalation.

- Timelines still point to conditions precedent in Q1 2026, implying pressure for a settlement in the coming weeks rather than months.

Medjed - could you please cut and paste this part of the Conrad presentation?

Thanks Mitriti.

Out of interest Mitriti, how did the CORO dispute pan out? It’s not a stock I have on any of my watchlists.

Thanks,

Stephen.

The interim results were published via RNS on 11th Dec 2025. This document stated that news on this situation would be coming within weeks, not months. To me this means we could expect to hear something in the first 2 weeks of 2026.

This is no good for anyone. Nations want clean title and Conrad won’t want a dispute to jeopardise the deal.

The Conrad SP puts subtle pressure on them to get the EME dispute sorted. Nations will want clean title - one of the last EME RNS reports said we would hear news in weeks.

Expect news early in the New Year.

As context?

This will be a point of inflection for the company.

They should hire Tony Beets or Parker Snabel - they’d set up a wash plant, get down to pay dirt, and do a gold weigh, all in one episode 🤣

.

I'd love it to be different, but for me this new investor hub is just 'smoke and mirrors' to be seen to be listening. The messages will all most probably go into file 13.

Its orders and sales shareholders want.

Common sense should prevail - they won't want a title dispute ruining there deal Nations.

If Conrad continue with the current stance and EME takes them to litigation it would be like a turkey voting for Christmas.

It would put a stop to the project and then nobody wins.

I thought they said cashburn had reduced to £350,000 at the investmeetcompany event? I'll need to watch it again.

###Based on the RNS###

Settlement Before Christmas:

Indicators supporting this:

- “in principle verbal agreement” already existed

- discussions “continue”

- chairman emphasises “weeks”

- Nations wants this dispute gone before MEMR approval flow

- EME playing constructive, not antagonistic

###Reading between the lines###

- The dispute is far from dead — talks are ongoing and constructive

- EME is legally confident and prepared

- Conrad acted aggressively because of the farmdown timing

- EME believes Conrad mis-stepped legally

- A settlement looks much more likely than EME losing its 8.5%

- Tone hints at expectations of a near-term commercial resolution

- Nations probably wants this cleaned up quickly

- Nothing in the wording suggests EME expects to be squeezed out

Still all to play for.

GLA.

Stephen11.